Stock Traders Buy Large Volume of Steelcase Put Options (NYSE:SCS)

Steelcase Inc. (NYSE:SCS) was the target of unusually large options trading activity on Thursday. Stock investors purchased 660 put options on the stock. This represents an increase of approximately 725% compared to the typical daily volume of 80 put options.

A number of research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Raymond James set a $28.00 target price on shares of Wheaton Precious Metals and gave the company a “buy” rating in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Steelcase currently has a consensus rating of “Buy” and a consensus target price of $19.00.

Steelcase stock traded up $0.36 during trading hours on Friday, reaching $17.53. 878,832 shares of the company’s stock traded hands, compared to its average volume of 809,250. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 14.61 and a beta of 1.32. The business’s 50 day moving average price is $16.81. Steelcase has a fifty-two week low of $13.40 and a fifty-two week high of $19.35.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The company had revenue of $824.30 million during the quarter, compared to the consensus estimate of $839.07 million. Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The business’s revenue was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 earnings per share. On average, analysts forecast that Steelcase will post 1.28 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be paid a $0.145 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.31%. Steelcase’s dividend payout ratio (DPR) is presently 48.33%.

In other Steelcase news, VP Allan W. Smith, Jr. sold 12,233 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.15, for a total transaction of $209,795.95. Following the transaction, the vice president now directly owns 29,600 shares in the company, valued at approximately $507,640. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director P Craig Welch, Jr. sold 200,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.09, for a total transaction of $3,418,000.00. Following the transaction, the director now owns 88,730 shares in the company, valued at $1,516,395.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 238,253 shares of company stock worth $4,073,989. 17.58% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Steelcase by 7.4% in the 4th quarter. BlackRock Inc. now owns 6,279,610 shares of the business services provider’s stock valued at $93,126,000 after acquiring an additional 432,754 shares during the last quarter. LSV Asset Management increased its stake in shares of Steelcase by 0.6% in the 1st quarter. LSV Asset Management now owns 2,511,562 shares of the business services provider’s stock valued at $36,543,000 after acquiring an additional 14,900 shares during the last quarter. Norges Bank bought a new stake in shares of Steelcase in the 4th quarter valued at about $29,625,000. Frontier Capital Management Co. LLC increased its stake in shares of Steelcase by 44.7% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,284,415 shares of the business services provider’s stock valued at $18,688,000 after acquiring an additional 396,486 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Steelcase by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock valued at $18,343,000 after acquiring an additional 30,369 shares during the last quarter. 66.17% of the stock is owned by institutional investors.

About Steelcase

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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